1 00:00:03,120 --> 00:00:08,520 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:15,760 --> 00:00:18,800 Speaker 2: Hi everyone, welcome to the deal. I'm Jason Kelly alongside 3 00:00:18,840 --> 00:00:22,880 Speaker 2: my partner Alex Rodriguez today on the show Joe Pump Leiano. 4 00:00:23,000 --> 00:00:25,239 Speaker 2: He's the host of The Joe Pump Show, founder of 5 00:00:25,320 --> 00:00:29,240 Speaker 2: Huddle Up, and a founding partner of Pump Investments. That's 6 00:00:29,240 --> 00:00:31,520 Speaker 2: coming up later in the show. Alex, this is a 7 00:00:31,560 --> 00:00:33,120 Speaker 2: guy we're excited to talk to. 8 00:00:33,600 --> 00:00:36,360 Speaker 3: I gotta tell you, if ten years ago you were 9 00:00:36,400 --> 00:00:39,080 Speaker 3: to say who's going to be the most influential media 10 00:00:39,120 --> 00:00:42,320 Speaker 3: personality media, sports, entertainment, you could say he's going to 11 00:00:42,360 --> 00:00:44,640 Speaker 3: be Joe Pump because he's ahead of the curve. 12 00:00:45,080 --> 00:00:47,760 Speaker 2: Yeah, I'm excited to chop it up with him. But first, 13 00:00:47,920 --> 00:00:50,160 Speaker 2: one of my favorite things to do is just talk 14 00:00:50,200 --> 00:00:52,319 Speaker 2: to you about, like what you've been up to. You're 15 00:00:52,360 --> 00:00:55,760 Speaker 2: at Aspen Ideas Festival. Greg Lemcow, who you and I 16 00:00:55,800 --> 00:00:59,640 Speaker 2: both know very well, interviewed you and another guy we 17 00:00:59,680 --> 00:01:01,840 Speaker 2: both know very well, David Rubensiein. He's actually going to 18 00:01:01,880 --> 00:01:04,320 Speaker 2: be a guest on this show not too long from now. 19 00:01:04,600 --> 00:01:06,360 Speaker 2: Tell me about what was going on. I mean, that's 20 00:01:06,400 --> 00:01:08,920 Speaker 2: a tough assignment man, going to Aspen in June. 21 00:01:09,080 --> 00:01:09,960 Speaker 4: I love going to Aspen. 22 00:01:10,000 --> 00:01:11,880 Speaker 3: I wish I was there more than like twelve hours, 23 00:01:11,880 --> 00:01:13,600 Speaker 3: but I literally flew in, flew out. I had to 24 00:01:13,600 --> 00:01:16,240 Speaker 3: get to New York. You know, I think David he's 25 00:01:16,319 --> 00:01:19,000 Speaker 3: the new greatest asset for Major League Baseball. I think 26 00:01:19,000 --> 00:01:22,199 Speaker 3: he's the ideal owner the Baltimore Orioles, that's where he's from. 27 00:01:22,319 --> 00:01:25,120 Speaker 3: He's a giant in private equity, he's a giant in communications. 28 00:01:25,120 --> 00:01:26,800 Speaker 3: For seventy three years old, he's one of the most 29 00:01:26,800 --> 00:01:29,080 Speaker 3: brilliant marketers there is. And I think he's just going 30 00:01:29,160 --> 00:01:31,759 Speaker 3: to be an awesome, awesome asset to baseball. 31 00:01:32,240 --> 00:01:35,160 Speaker 2: I do wonder, like, as you guys talked about the 32 00:01:35,200 --> 00:01:37,960 Speaker 2: state of baseball, what's he bringing to the table or 33 00:01:38,000 --> 00:01:40,240 Speaker 2: what's on his mind in terms of what could happen 34 00:01:40,319 --> 00:01:40,800 Speaker 2: with the game. 35 00:01:41,120 --> 00:01:42,920 Speaker 3: Well, if you think about everything he's done, you know, 36 00:01:42,959 --> 00:01:46,680 Speaker 3: going back forty years when he started the great Carlisle Group, right, 37 00:01:46,840 --> 00:01:48,760 Speaker 3: you know, twenty years ago, he was the first guy 38 00:01:48,800 --> 00:01:50,560 Speaker 3: to go across the pond and raise money. He's like 39 00:01:50,600 --> 00:01:54,520 Speaker 3: probably the best, most ferocious capital raiser over the last 40 00:01:54,560 --> 00:01:57,720 Speaker 3: several decades. And I think he's just a progressive thinker. 41 00:01:57,720 --> 00:02:00,120 Speaker 3: He's always ahead of the curve. He's a wonderful communicator. 42 00:02:00,640 --> 00:02:04,160 Speaker 3: I think that's exactly what major League baseball needs and 43 00:02:04,200 --> 00:02:06,480 Speaker 3: he's just the perfect guy in the perfect time for it. 44 00:02:07,200 --> 00:02:09,960 Speaker 2: So it's interesting that you were talking to him this 45 00:02:10,080 --> 00:02:13,400 Speaker 2: week because I spent this morning at Bloomberg and Vast. 46 00:02:13,440 --> 00:02:16,600 Speaker 2: This is an annual conference that we do, and not 47 00:02:16,639 --> 00:02:20,160 Speaker 2: surprisingly to you or to me, we had a couple 48 00:02:20,200 --> 00:02:24,360 Speaker 2: sessions on sports and sports as an asset class. I 49 00:02:24,400 --> 00:02:27,400 Speaker 2: hosted a conversation with markott Andasio and Tom Werner. Marktt 50 00:02:27,400 --> 00:02:29,959 Speaker 2: Andasio owned the Milwaukee Brewers. Tom Werner, of course, the 51 00:02:30,040 --> 00:02:33,840 Speaker 2: chairman of Fenwaig Sports Group, owners of Boss Red Sox Liverpool, 52 00:02:34,200 --> 00:02:38,040 Speaker 2: they ConTroll Nessen. They owned the Pittsburgh Penguins as well. 53 00:02:38,560 --> 00:02:42,000 Speaker 2: And it's funny hearing you talk about, you know, David 54 00:02:42,320 --> 00:02:45,440 Speaker 2: and baseball. One of the things that these guys were 55 00:02:45,480 --> 00:02:47,480 Speaker 2: talking a lot about, because they've both been in Major 56 00:02:47,520 --> 00:02:51,160 Speaker 2: League Baseball for a while, is how massive these rule 57 00:02:51,240 --> 00:02:54,440 Speaker 2: changes have been for the business of baseball. I have 58 00:02:54,520 --> 00:02:58,320 Speaker 2: to think you have seen that and knowing the game 59 00:02:58,440 --> 00:03:01,120 Speaker 2: like you do, like, what do you make of where 60 00:03:01,160 --> 00:03:02,280 Speaker 2: the game is at this moment? 61 00:03:02,480 --> 00:03:03,440 Speaker 4: I think it's brilliant. 62 00:03:03,480 --> 00:03:05,720 Speaker 3: You know, you wish you would have had these changes earlier, 63 00:03:05,720 --> 00:03:08,240 Speaker 3: but better late than never. Give Rob Manford a lot 64 00:03:08,280 --> 00:03:10,320 Speaker 3: of credit, Give Tony Clark the head of a union, 65 00:03:10,320 --> 00:03:12,680 Speaker 3: and a lot of credit for coming together and something 66 00:03:12,720 --> 00:03:15,120 Speaker 3: that's not been you know, very easy to do for 67 00:03:15,160 --> 00:03:17,360 Speaker 3: owners and players to come together with obviously their history 68 00:03:17,400 --> 00:03:20,080 Speaker 3: going back to Marvin Miller and Don Fear and the battles. 69 00:03:20,080 --> 00:03:21,120 Speaker 4: So I think what. 70 00:03:21,000 --> 00:03:24,760 Speaker 3: This is it should give them confidence that it's okay 71 00:03:24,800 --> 00:03:27,240 Speaker 3: to be progressive and move the ball forward and move 72 00:03:27,280 --> 00:03:30,600 Speaker 3: the chains. And what they've done with the game is 73 00:03:30,600 --> 00:03:34,040 Speaker 3: made a shorter, better to watch, better to play, just 74 00:03:34,080 --> 00:03:36,320 Speaker 3: a better product. Now they need to do the same 75 00:03:36,360 --> 00:03:39,480 Speaker 3: things in the business and entertainment side, And how do 76 00:03:39,560 --> 00:03:41,600 Speaker 3: they move that to another lane and just keep making 77 00:03:41,640 --> 00:03:44,400 Speaker 3: the game better and better and take some notes from 78 00:03:44,480 --> 00:03:46,800 Speaker 3: the NFL, take some notes from the NBA, and go 79 00:03:46,920 --> 00:03:47,240 Speaker 3: from there. 80 00:03:48,000 --> 00:03:50,000 Speaker 2: Well, it's funny you say the thing about the NFL, 81 00:03:50,000 --> 00:03:51,920 Speaker 2: because one of the things Tom Werner pointed out is 82 00:03:52,040 --> 00:03:55,600 Speaker 2: is like, hey, listen, the NFL makes changes to the 83 00:03:55,600 --> 00:03:58,360 Speaker 2: game literally every season. You know, they get in, they 84 00:03:58,400 --> 00:04:01,120 Speaker 2: do it. If something doesn't work, stopped doing it. He's like, 85 00:04:01,160 --> 00:04:03,680 Speaker 2: baseball is just so like these are my words, not his, 86 00:04:03,800 --> 00:04:06,560 Speaker 2: but like's, it sort of gets caught up in its 87 00:04:06,600 --> 00:04:10,400 Speaker 2: own tradition and it just won't move forward. And you know, 88 00:04:10,480 --> 00:04:12,400 Speaker 2: I texted you on Saturday because I was at the 89 00:04:12,480 --> 00:04:17,240 Speaker 2: Yankee game with my family. It's like, beautiful night, unbelievable, 90 00:04:17,360 --> 00:04:19,239 Speaker 2: you know, a Saturday night in the Bronx with your family. 91 00:04:19,279 --> 00:04:21,720 Speaker 2: Nothing's better than that. And honestly, it's two and a 92 00:04:21,760 --> 00:04:24,279 Speaker 2: half hour game. It's really exciting. It was high scoring. 93 00:04:24,520 --> 00:04:26,960 Speaker 2: We got on the train and went home. It was fantastic. 94 00:04:27,040 --> 00:04:28,840 Speaker 2: You know, I didn't get home at two in the morning, 95 00:04:28,920 --> 00:04:31,880 Speaker 2: which I feel like could easily have happened before these 96 00:04:31,920 --> 00:04:34,159 Speaker 2: rule changes. So enough about me and my you know, 97 00:04:34,200 --> 00:04:36,359 Speaker 2: get off of my lawn. But I will say one 98 00:04:36,400 --> 00:04:38,159 Speaker 2: other thing I wanted to mention to you. So I've 99 00:04:38,240 --> 00:04:40,719 Speaker 2: spent a session with Josh Harris, owner of the seventy 100 00:04:40,760 --> 00:04:43,400 Speaker 2: six ers and more recently ownered the Washington Commanders. I 101 00:04:43,480 --> 00:04:45,760 Speaker 2: was pressing him a little bit about a couple of things. 102 00:04:45,760 --> 00:04:50,279 Speaker 2: One is valuations. I mean, holy smokes man. He fully 103 00:04:50,480 --> 00:04:53,680 Speaker 2: admitted that when he bought the Commanders a couple of 104 00:04:53,760 --> 00:04:56,360 Speaker 2: years ago for six billion dollars, he gave up all 105 00:04:56,360 --> 00:05:00,839 Speaker 2: credibilities a value investor. Probably true. I think times revenue 106 00:05:00,880 --> 00:05:03,960 Speaker 2: was what he paid. But if you look, and I 107 00:05:04,040 --> 00:05:07,360 Speaker 2: brought this up with him, reports on Bloomberg and elsewhere 108 00:05:07,560 --> 00:05:10,560 Speaker 2: saying that Jeffrey Loriie of the Philadelphia Eagles is selling 109 00:05:10,640 --> 00:05:14,120 Speaker 2: a minority stake in his team. In his franchise valuation 110 00:05:14,560 --> 00:05:16,840 Speaker 2: seven and a half billion. That's a team in the 111 00:05:16,880 --> 00:05:21,479 Speaker 2: same division as the Washington Commander. So if you just 112 00:05:21,560 --> 00:05:24,560 Speaker 2: do apples to apples, that's a twenty five percent appreciation 113 00:05:24,880 --> 00:05:27,280 Speaker 2: for Josh Eris in two years. If in fact those 114 00:05:27,320 --> 00:05:30,800 Speaker 2: franchises are roughly valued the same, which I believe that 115 00:05:30,839 --> 00:05:33,680 Speaker 2: they are. Stephen Ross, your your neighbor and friend down 116 00:05:33,720 --> 00:05:36,240 Speaker 2: there in Miami talking about a ten billion dollar valuation 117 00:05:36,680 --> 00:05:39,720 Speaker 2: for all the assets around the Dolphins, that of course 118 00:05:39,760 --> 00:05:42,719 Speaker 2: includes F one and the Miami Open. I did ask 119 00:05:42,800 --> 00:05:46,000 Speaker 2: Josh you know where he thought the ceiling was, and 120 00:05:46,040 --> 00:05:50,839 Speaker 2: he said, this growth has tracked and he sees no 121 00:05:50,920 --> 00:05:53,680 Speaker 2: reason it won't continue to track in terms of the 122 00:05:53,760 --> 00:05:58,600 Speaker 2: valuation of franchises, whether it's NFL or others. It's a remarkable, 123 00:05:58,640 --> 00:06:00,680 Speaker 2: remarkable time to be watching. 124 00:06:00,520 --> 00:06:01,600 Speaker 4: This, It really is. 125 00:06:01,680 --> 00:06:05,040 Speaker 3: And our guy down here with Miami Dolphins, Steve Ross. 126 00:06:05,200 --> 00:06:07,039 Speaker 3: You know, word on the street was that, you know, 127 00:06:07,080 --> 00:06:10,640 Speaker 3: he turned down ten billion dollar enterprise from Ken Griffin. 128 00:06:10,680 --> 00:06:11,839 Speaker 3: Now I don't know if that's sure or not, but 129 00:06:11,920 --> 00:06:15,320 Speaker 3: even those conversations to be written are pretty frightening. I 130 00:06:15,320 --> 00:06:17,840 Speaker 3: will say this, Josh probably paid market or a little 131 00:06:17,839 --> 00:06:19,599 Speaker 3: bit more for Commanders. You have to these days to 132 00:06:19,640 --> 00:06:20,560 Speaker 3: have a general partner. 133 00:06:20,640 --> 00:06:20,839 Speaker 2: Yeah. 134 00:06:20,920 --> 00:06:23,480 Speaker 4: Piece, But when you look at the price he paid 135 00:06:23,560 --> 00:06:23,880 Speaker 4: for the. 136 00:06:23,839 --> 00:06:27,039 Speaker 3: Sixers and the Devils in the NHL, oh, that's sixty times, 137 00:06:27,120 --> 00:06:28,200 Speaker 3: Jason comes way down. 138 00:06:28,240 --> 00:06:30,640 Speaker 4: So he's done pretty well. Nobody's gonna feel sorry for Josh. 139 00:06:30,640 --> 00:06:31,719 Speaker 4: He's a brilliant investor. 140 00:06:31,800 --> 00:06:34,600 Speaker 2: No, no, absolutely, And I'll give you the numbers because 141 00:06:34,839 --> 00:06:37,720 Speaker 2: I looked him up ahead of this conversation. Roughly two 142 00:06:37,760 --> 00:06:41,120 Speaker 2: hundred and twenty million dollars for the Sixers in twenty eleven. 143 00:06:41,400 --> 00:06:44,120 Speaker 2: Now importantly, and I do think this is important, at 144 00:06:44,120 --> 00:06:47,280 Speaker 2: the time, they were losing thirty to fifty million dollars 145 00:06:47,320 --> 00:06:49,440 Speaker 2: in Ebitdad like, it was not a just stress saleses, 146 00:06:49,480 --> 00:06:51,960 Speaker 2: a corporate carve out from Comcast who was getting out 147 00:06:52,000 --> 00:06:54,520 Speaker 2: of that business. But you know, he saw something there. 148 00:06:54,839 --> 00:06:58,000 Speaker 2: He fully admitted that he did not anticipate that he 149 00:06:58,040 --> 00:07:01,040 Speaker 2: would go into sports the way that he and David 150 00:07:01,080 --> 00:07:04,080 Speaker 2: Blitzer did, and obviously they've expanded into the Premier League, 151 00:07:04,080 --> 00:07:07,599 Speaker 2: and interestingly enough, one of their big projects individually, he 152 00:07:07,760 --> 00:07:11,240 Speaker 2: and Blitz together is in youth sports and specifically baseball. 153 00:07:11,280 --> 00:07:13,600 Speaker 2: They're in business with Cal Ripkin, as you know, Cal 154 00:07:13,680 --> 00:07:17,160 Speaker 2: and Bill Ripkin in putting together this company called Unrivaled. 155 00:07:17,360 --> 00:07:20,200 Speaker 2: I mean, it's just it's unbelievable. I did want to 156 00:07:20,320 --> 00:07:23,240 Speaker 2: also mention one of our favorite episodes that we've done. 157 00:07:23,280 --> 00:07:25,200 Speaker 2: I think it's fair to say was with Steven A. Smith. 158 00:07:25,200 --> 00:07:28,040 Speaker 2: You mentioned him earlier. He's about to get paid, my friend. 159 00:07:28,280 --> 00:07:30,640 Speaker 2: We don't know exactly how much. Reports are out there 160 00:07:30,680 --> 00:07:33,840 Speaker 2: that ESPN has put an offer for eighteen million dollars 161 00:07:33,880 --> 00:07:37,040 Speaker 2: a year. That is less, I think than what he 162 00:07:37,160 --> 00:07:39,960 Speaker 2: is looking for. But I mean, he talked to us 163 00:07:40,000 --> 00:07:43,720 Speaker 2: about how he was going to negotiate this deal and 164 00:07:43,760 --> 00:07:45,840 Speaker 2: so we'll see how it comes to fruition. This story 165 00:07:45,880 --> 00:07:47,840 Speaker 2: is far from over. It sounds like there's going to 166 00:07:47,880 --> 00:07:50,040 Speaker 2: be a lot of back and forth in the coming months. 167 00:07:50,080 --> 00:07:53,080 Speaker 2: But eighteen million bucks, even that, I don't think he's 168 00:07:53,080 --> 00:07:54,880 Speaker 2: going to settle for that. But even if he ended 169 00:07:54,920 --> 00:07:58,160 Speaker 2: up there. What a remarkable story and I obviously highly 170 00:07:58,240 --> 00:07:59,920 Speaker 2: encourage people to listen to that episode of the Deal. 171 00:08:00,320 --> 00:08:03,400 Speaker 3: I think for listeners this is just a great inspirational 172 00:08:03,480 --> 00:08:06,160 Speaker 3: story when you think about it. He is the number 173 00:08:06,160 --> 00:08:10,360 Speaker 3: one media personality probably in the planet. He's synonymous with ESPN, 174 00:08:10,400 --> 00:08:12,360 Speaker 3: He's doing over ten hours a week of content. He 175 00:08:12,400 --> 00:08:14,680 Speaker 3: now has his podcast. He may want to be the 176 00:08:14,720 --> 00:08:17,960 Speaker 3: next future Johnny Carson, or maybe get into politics. And 177 00:08:18,040 --> 00:08:21,520 Speaker 3: here's what's amazing for listeners. It's ten years ago. This 178 00:08:21,600 --> 00:08:23,560 Speaker 3: guy was met at a diner by one of the 179 00:08:23,720 --> 00:08:26,720 Speaker 3: es Men executives and said you are fired. 180 00:08:27,280 --> 00:08:29,040 Speaker 4: Yeah. Then he went and got a job. 181 00:08:28,880 --> 00:08:32,280 Speaker 3: With Fox, didn't give up, got himself cleaned up, got smarter. 182 00:08:32,480 --> 00:08:34,520 Speaker 4: He admitted to us, and his words were. 183 00:08:34,520 --> 00:08:36,599 Speaker 5: I was arrogant, and I was the worst kind of 184 00:08:36,720 --> 00:08:39,280 Speaker 5: arrogant because I was stupid while I was arrogant. The 185 00:08:39,320 --> 00:08:42,400 Speaker 5: biggest lesson I learned was the importance of mastering my business, 186 00:08:42,440 --> 00:08:45,480 Speaker 5: not just from a negotiating standpoint, not just to empower 187 00:08:45,600 --> 00:08:49,840 Speaker 5: myself as a talent, but as a man, learning to 188 00:08:50,080 --> 00:08:53,240 Speaker 5: separate emotion from business. 189 00:08:53,520 --> 00:08:56,240 Speaker 3: But for anybody who's gone through a tough time, Steven 190 00:08:56,240 --> 00:08:58,680 Speaker 3: a smith just a decade ago, did not have a 191 00:08:58,760 --> 00:09:01,160 Speaker 3: job and put it together piece at a time. 192 00:09:01,720 --> 00:09:05,000 Speaker 2: Amazing story, So check that out in the podcast feed. 193 00:09:05,040 --> 00:09:21,000 Speaker 2: Coming up, Joe Pump joins the deal. We're excited to 194 00:09:21,040 --> 00:09:23,280 Speaker 2: be joined by Joe pomp Leiano. He's the host of 195 00:09:23,280 --> 00:09:26,320 Speaker 2: the sports podcast The Joe Pump Show, and he's also 196 00:09:26,360 --> 00:09:29,520 Speaker 2: the founding partner of Pomp Investments. They've invested in more 197 00:09:29,559 --> 00:09:32,600 Speaker 2: than one hundred early stage companies. Most notably, he's the 198 00:09:32,640 --> 00:09:35,800 Speaker 2: founder of Huddle Up. That's a daily newsletter breaking down 199 00:09:35,840 --> 00:09:39,959 Speaker 2: his personal opinion on the money and business behind sports. Welcome, Joe. 200 00:09:40,760 --> 00:09:41,280 Speaker 1: I love that. 201 00:09:41,320 --> 00:09:42,880 Speaker 6: I've been a big fan of your guys show too 202 00:09:42,920 --> 00:09:44,839 Speaker 6: for a while. It's really become a great resource in 203 00:09:44,880 --> 00:09:47,880 Speaker 6: sports business. So thank you guys for doing this because 204 00:09:47,920 --> 00:09:48,560 Speaker 6: this is awesome. 205 00:09:48,880 --> 00:09:50,199 Speaker 4: Joe, getting to know you a little bit. 206 00:09:50,600 --> 00:09:53,559 Speaker 3: What I thought was really interesting about kind of studying 207 00:09:53,800 --> 00:09:56,520 Speaker 3: your progression and your growth in the media. And you 208 00:09:56,520 --> 00:09:59,120 Speaker 3: know your letters are so popular, you know, coming from 209 00:09:59,200 --> 00:10:02,280 Speaker 3: JP Morgan in an analyst, I think you bring the 210 00:10:02,400 --> 00:10:06,000 Speaker 3: rigorous research and work ethic, You understand numbers, and you 211 00:10:06,040 --> 00:10:09,640 Speaker 3: love sports and like that trifecta makes you. I believe 212 00:10:09,679 --> 00:10:12,560 Speaker 3: so effective, and on top of that, you're a great communicator. 213 00:10:12,760 --> 00:10:15,360 Speaker 3: Did you always know you were talented communicator, because usually 214 00:10:15,400 --> 00:10:17,840 Speaker 3: people with math are not great communicators and vice versa, 215 00:10:17,880 --> 00:10:18,640 Speaker 3: but you got both. 216 00:10:18,920 --> 00:10:20,839 Speaker 6: No. I still don't really think of myself as a 217 00:10:20,880 --> 00:10:24,199 Speaker 6: great communicator, especially not a writer. I don't have a 218 00:10:24,240 --> 00:10:26,520 Speaker 6: writing background, so when I write the newsletter, it's almost 219 00:10:26,559 --> 00:10:28,480 Speaker 6: kind of like a journal to some degree. I write 220 00:10:28,600 --> 00:10:31,320 Speaker 6: in a very casual setting. I try not to be 221 00:10:31,480 --> 00:10:33,920 Speaker 6: or pretend to be smarter than I am, and I 222 00:10:34,000 --> 00:10:36,760 Speaker 6: think people have adapted to that and appreciate it. And 223 00:10:37,160 --> 00:10:39,720 Speaker 6: what I noticed is that specifically in sports business, you 224 00:10:39,760 --> 00:10:42,240 Speaker 6: guys know this, there's publications that do a really good 225 00:10:42,320 --> 00:10:46,359 Speaker 6: job Bloomberg everyone else, right, And from an individual perspective, 226 00:10:46,400 --> 00:10:48,360 Speaker 6: there wasn't really a ton of people who were doing 227 00:10:48,400 --> 00:10:50,880 Speaker 6: it quite well. So I thought there was an opportunity 228 00:10:50,880 --> 00:10:53,480 Speaker 6: to really just lean into that and be myself and say, hey, 229 00:10:53,520 --> 00:10:55,160 Speaker 6: I don't know all the answers, but these are things 230 00:10:55,160 --> 00:10:57,160 Speaker 6: that I'm really interested in and I'm willing to put 231 00:10:57,200 --> 00:10:59,559 Speaker 6: in the work to kind of learn alongside you guys. 232 00:10:59,559 --> 00:11:02,280 Speaker 6: And what I've found is that people appreciate that, whether 233 00:11:02,320 --> 00:11:05,280 Speaker 6: it's on the podcast or newsletter or social media. It's 234 00:11:05,320 --> 00:11:07,959 Speaker 6: just like anything else, right, you try something, it doesn't work, 235 00:11:08,000 --> 00:11:09,920 Speaker 6: you move on to the next that works. Okay, let's 236 00:11:09,960 --> 00:11:12,000 Speaker 6: go do more of that. And really that's how I've 237 00:11:12,000 --> 00:11:13,760 Speaker 6: built all the stuff on the media side. 238 00:11:14,040 --> 00:11:16,760 Speaker 2: I'm taken back, Alex to the conversation we had with 239 00:11:17,120 --> 00:11:20,520 Speaker 2: your other partner, Mark Lori and his decision to like 240 00:11:20,600 --> 00:11:23,040 Speaker 2: ditch Wall Street and like go all in on being 241 00:11:23,040 --> 00:11:25,920 Speaker 2: an entrepreneur. I just need to do this because I'm 242 00:11:25,920 --> 00:11:28,160 Speaker 2: like all in kind of guy, Like I was just 243 00:11:28,280 --> 00:11:33,080 Speaker 2: doing banking so intensely I couldn't like focus. So he said, 244 00:11:33,120 --> 00:11:36,920 Speaker 2: you're serious. I said, yeah, there are echoes of that here, Joe, Like, 245 00:11:37,000 --> 00:11:39,680 Speaker 2: I mean, what was that moment like where you went 246 00:11:39,720 --> 00:11:43,040 Speaker 2: to JP where and You're like, hey, this has been great, 247 00:11:43,120 --> 00:11:46,040 Speaker 2: but I'm out and I'm gonna go like do my 248 00:11:46,120 --> 00:11:48,520 Speaker 2: own thing and create all this and by the way, 249 00:11:48,559 --> 00:11:50,000 Speaker 2: I'm going to do it in sports, like this is 250 00:11:50,080 --> 00:11:52,920 Speaker 2: every person's dream in some ways. But what did it 251 00:11:52,960 --> 00:11:54,080 Speaker 2: feel like to you at the moment? 252 00:11:54,440 --> 00:11:56,440 Speaker 1: It was scary. But you know what's funny, Jason, is 253 00:11:56,720 --> 00:11:57,720 Speaker 1: they legitimately laughed. 254 00:11:57,800 --> 00:12:00,120 Speaker 6: My boss at the time was global had a fixed income, 255 00:12:00,240 --> 00:12:02,120 Speaker 6: so You have to imagine he's got a million different 256 00:12:02,160 --> 00:12:04,160 Speaker 6: things going on, and this obviously wasn't at the top 257 00:12:04,160 --> 00:12:06,240 Speaker 6: of his priority list. And associate at the time coming 258 00:12:06,280 --> 00:12:07,959 Speaker 6: to him and saying, hey, I think I'm going to 259 00:12:08,080 --> 00:12:10,880 Speaker 6: leave right and he said, You're going to be a writer, 260 00:12:11,360 --> 00:12:13,120 Speaker 6: and I'm like, well, kind of, but not really right. 261 00:12:13,200 --> 00:12:14,880 Speaker 6: There's a bunch of other stuff that goes into it. 262 00:12:15,080 --> 00:12:16,600 Speaker 6: You know, he didn't really get it. I think today 263 00:12:16,679 --> 00:12:18,800 Speaker 6: a lot of them have reached out and understand it more. 264 00:12:19,240 --> 00:12:21,679 Speaker 1: But it's scary. It's just like anything else. I was fortunate. 265 00:12:21,720 --> 00:12:24,160 Speaker 6: I always tell this story because I really appreciate it 266 00:12:24,200 --> 00:12:25,960 Speaker 6: at the time, and I certainly appreciate it now given 267 00:12:26,000 --> 00:12:26,920 Speaker 6: everything that's happened. 268 00:12:27,080 --> 00:12:28,640 Speaker 1: There's a company called Athletic Brewing. 269 00:12:28,840 --> 00:12:30,560 Speaker 6: Anyone who's ever heard of them knows they're a non 270 00:12:30,600 --> 00:12:33,000 Speaker 6: alcoholic beer company. And the founder of the company came 271 00:12:33,000 --> 00:12:34,280 Speaker 6: to me at the time. I had met him through 272 00:12:34,280 --> 00:12:36,719 Speaker 6: a mutual friend, and he essentially said, hey, look, I'll 273 00:12:36,720 --> 00:12:39,000 Speaker 6: sponsor everything you're going to do for six months. You're 274 00:12:39,000 --> 00:12:40,560 Speaker 6: probably going to get a better deal for the first 275 00:12:40,559 --> 00:12:43,040 Speaker 6: few months. Given how things are growing today, I might 276 00:12:43,080 --> 00:12:44,880 Speaker 6: get a better deal at the end of that six months, 277 00:12:45,080 --> 00:12:47,160 Speaker 6: so he gave me enough leeway to just say, hey, look, 278 00:12:47,200 --> 00:12:50,000 Speaker 6: I have security for the next six months. There's people 279 00:12:50,000 --> 00:12:52,520 Speaker 6: that do this with much less security, and that's when 280 00:12:52,559 --> 00:12:55,160 Speaker 6: everything really started to accelerate. So, like, I owed a 281 00:12:55,200 --> 00:12:58,000 Speaker 6: great debt of gratitude to them for making that happen. 282 00:12:58,520 --> 00:13:01,360 Speaker 6: But it's scary, right, like anything else where, people just 283 00:13:01,360 --> 00:13:03,760 Speaker 6: need to kind of have confidence in themselves and have 284 00:13:03,880 --> 00:13:06,160 Speaker 6: belief that internally that they can make it happen. 285 00:13:06,440 --> 00:13:08,600 Speaker 4: So, Joe, you've been a great forecast. 286 00:13:08,640 --> 00:13:11,360 Speaker 3: I mean, probably nine out of ten people that decide 287 00:13:11,360 --> 00:13:14,680 Speaker 3: to do what you do or you did, would probably fail. Right, 288 00:13:14,800 --> 00:13:16,920 Speaker 3: you were obviously in the right side of history there. 289 00:13:17,400 --> 00:13:20,440 Speaker 3: When you think about the landscape of media today and 290 00:13:20,440 --> 00:13:23,720 Speaker 3: how much it's changing with OTT and everything else, and 291 00:13:23,800 --> 00:13:27,160 Speaker 3: the way you think about your newsletter, your podcast, and 292 00:13:27,240 --> 00:13:30,400 Speaker 3: also you're investing arm where do you see your business 293 00:13:30,640 --> 00:13:32,000 Speaker 3: one three five years from now. 294 00:13:32,480 --> 00:13:34,200 Speaker 6: Well, I think there's a few different routes. The concern 295 00:13:34,240 --> 00:13:36,320 Speaker 6: with some of that stuff, right is like what is 296 00:13:36,360 --> 00:13:38,400 Speaker 6: the end goal? What are you trying to create? Are 297 00:13:38,400 --> 00:13:40,160 Speaker 6: you trying to build something over the next three to 298 00:13:40,160 --> 00:13:41,960 Speaker 6: five years that you can sell? Are you trying to 299 00:13:42,080 --> 00:13:44,559 Speaker 6: use that for something else, and me specifically, what I've 300 00:13:44,559 --> 00:13:45,960 Speaker 6: always used the media. 301 00:13:45,760 --> 00:13:48,040 Speaker 1: As is leverage to do other things. 302 00:13:48,120 --> 00:13:50,680 Speaker 6: Right, we make money, it's profitable, it's a good business, 303 00:13:50,960 --> 00:13:52,440 Speaker 6: but really what I want to do is use it 304 00:13:52,480 --> 00:13:54,960 Speaker 6: as leverage for something that I think can be more profitable, 305 00:13:55,000 --> 00:13:57,400 Speaker 6: which is the investing side. And what I mean by that, 306 00:13:57,520 --> 00:13:59,480 Speaker 6: right is like when I go to a business, I 307 00:13:59,480 --> 00:14:01,360 Speaker 6: can basically get into any deal that I want right 308 00:14:01,360 --> 00:14:03,920 Speaker 6: now on the sports side because they know that I'm 309 00:14:03,960 --> 00:14:05,840 Speaker 6: going to help them on the media side when it 310 00:14:05,880 --> 00:14:09,640 Speaker 6: comes to announcements, product features, or anything else related to that, 311 00:14:10,040 --> 00:14:12,680 Speaker 6: and it makes a real meaningful difference in their business, 312 00:14:13,120 --> 00:14:16,280 Speaker 6: which is tangible value that not every investor can say, right, 313 00:14:16,320 --> 00:14:18,840 Speaker 6: and look, I'm investing personal money, so it's not you know, 314 00:14:18,960 --> 00:14:19,920 Speaker 6: multimillion dollar. 315 00:14:19,920 --> 00:14:21,040 Speaker 1: Checks in most cases. 316 00:14:21,440 --> 00:14:23,600 Speaker 6: And I think that has been really helpful for a 317 00:14:23,600 --> 00:14:25,440 Speaker 6: lot of founders that I've worked with, and something that 318 00:14:25,480 --> 00:14:29,520 Speaker 6: I've been really keen on keeping distant from building this 319 00:14:29,600 --> 00:14:31,440 Speaker 6: into something that maybe I'm not as happy as I 320 00:14:31,480 --> 00:14:31,960 Speaker 6: am today. 321 00:14:32,520 --> 00:14:34,760 Speaker 2: I think I speak for alex in myself. We love 322 00:14:34,800 --> 00:14:37,840 Speaker 2: people's processes. How do you pick your stories? What's your 323 00:14:37,920 --> 00:14:40,760 Speaker 2: process like when you identify something and then how do 324 00:14:40,800 --> 00:14:43,000 Speaker 2: you go about sort of digging deep into it. 325 00:14:43,680 --> 00:14:45,720 Speaker 6: So one of the things that I'm very cognizant of 326 00:14:46,000 --> 00:14:49,760 Speaker 6: is that media has been democratized completely at this point. Right, 327 00:14:49,800 --> 00:14:52,280 Speaker 6: if you think about media today, all you really need 328 00:14:52,360 --> 00:14:55,240 Speaker 6: is an iPhone, Like you can create a TikTok account tomorrow, 329 00:14:55,280 --> 00:14:57,200 Speaker 6: you can make a video on something that you're knowledgeable 330 00:14:57,240 --> 00:14:59,680 Speaker 6: about or care and they're going to push that video 331 00:14:59,800 --> 00:15:01,360 Speaker 6: to million other people if it's good. 332 00:15:01,560 --> 00:15:03,080 Speaker 1: What are you offering that's different? 333 00:15:03,480 --> 00:15:06,280 Speaker 6: Obviously you're going to pick stories that have a wider 334 00:15:06,360 --> 00:15:09,000 Speaker 6: audience or a total addressable market that's bigger than other things. 335 00:15:09,000 --> 00:15:11,440 Speaker 6: That's kind of like the first level of everything. But 336 00:15:11,520 --> 00:15:13,800 Speaker 6: then how are you explaining those stories? And I think 337 00:15:13,840 --> 00:15:16,480 Speaker 6: one thing that I've really found success in is storytelling. 338 00:15:16,880 --> 00:15:19,280 Speaker 6: When it comes down to it, everything is storytelling, right, 339 00:15:19,280 --> 00:15:22,400 Speaker 6: How are you conveying the messaging? Communication is everything. You 340 00:15:22,440 --> 00:15:25,080 Speaker 6: can say the exact same story in two different ways, 341 00:15:25,360 --> 00:15:27,080 Speaker 6: and one is going to hit with people way more 342 00:15:27,120 --> 00:15:29,040 Speaker 6: than the other, just based on how you communicate that. 343 00:15:29,440 --> 00:15:31,320 Speaker 6: And then it's just communicating it in a way that 344 00:15:31,440 --> 00:15:34,840 Speaker 6: is authentic and compelling to an audience through typical narratives 345 00:15:34,920 --> 00:15:37,720 Speaker 6: and what I found is that doing that on different mediums, 346 00:15:38,080 --> 00:15:41,320 Speaker 6: i e. The newsletter is one audience, social media is 347 00:15:41,320 --> 00:15:43,920 Speaker 6: a completely different audience. The podcast sometimes is a different 348 00:15:43,960 --> 00:15:46,480 Speaker 6: audience too, And by being in a multiple different places 349 00:15:46,480 --> 00:15:49,160 Speaker 6: at once, you're able to reach a way wider audience 350 00:15:49,160 --> 00:15:50,640 Speaker 6: and you maybe would be otherwise. 351 00:15:51,000 --> 00:15:54,280 Speaker 3: Can you share maybe one or two storytelling techniques that 352 00:15:54,320 --> 00:15:56,520 Speaker 3: actually has made you better as you hone your craft. 353 00:15:57,120 --> 00:16:00,160 Speaker 6: So I think at the simplest form, you need a hook, right, 354 00:16:00,240 --> 00:16:01,640 Speaker 6: You need to be able to hook people into the 355 00:16:01,680 --> 00:16:04,560 Speaker 6: content within the first If it's a video, I mean 356 00:16:04,600 --> 00:16:07,320 Speaker 6: you literally have five seconds, right, That's how short attention 357 00:16:07,440 --> 00:16:09,360 Speaker 6: spans are today. When it comes to writing, you have 358 00:16:09,400 --> 00:16:11,720 Speaker 6: a little bit longer, maybe you know, the first paragraph 359 00:16:11,800 --> 00:16:13,600 Speaker 6: or two to really be able to get someone interested. 360 00:16:14,040 --> 00:16:16,120 Speaker 6: And then from there it's explaining kind of where the 361 00:16:16,160 --> 00:16:17,200 Speaker 6: conflict is in the story. 362 00:16:17,240 --> 00:16:17,400 Speaker 2: Right. 363 00:16:17,400 --> 00:16:19,720 Speaker 6: Everyone loves having a little bit of conflict and someone 364 00:16:19,760 --> 00:16:22,160 Speaker 6: overcoming that. You want to be a little bit contrary 365 00:16:22,200 --> 00:16:24,520 Speaker 6: to kind of the opinions out there, sometimes depending on 366 00:16:24,560 --> 00:16:27,280 Speaker 6: what the story is. But ultimately I really do think 367 00:16:27,320 --> 00:16:29,320 Speaker 6: that it just comes back to like an innate interest 368 00:16:29,320 --> 00:16:31,600 Speaker 6: in some of these topics. People can tell if you're 369 00:16:31,640 --> 00:16:33,920 Speaker 6: talking about something that you don't care about. I get 370 00:16:33,960 --> 00:16:37,640 Speaker 6: asked all the time, right write about cricket. I'm like, 371 00:16:37,640 --> 00:16:40,280 Speaker 6: I don't watch cricket, right, Like, Cricket's a massive sport. 372 00:16:40,480 --> 00:16:42,960 Speaker 6: Anytime I've ever tweeted about cricket in the past, it 373 00:16:42,960 --> 00:16:45,320 Speaker 6: goes viral because there's hundreds of millions, billions of people 374 00:16:45,360 --> 00:16:46,280 Speaker 6: that care about cricket. 375 00:16:46,440 --> 00:16:48,560 Speaker 1: But I don't watch cricket. I don't know enough about cricket. 376 00:16:48,600 --> 00:16:50,480 Speaker 6: I don't care enough about cricket to be able to 377 00:16:50,480 --> 00:16:52,600 Speaker 6: write about it or talk about it on a consistent basis. 378 00:16:52,800 --> 00:16:55,240 Speaker 6: And that's like the perfect example of me of what 379 00:16:55,280 --> 00:16:57,920 Speaker 6: you should be talking about is things that you care about. So, like, Alex, 380 00:16:58,160 --> 00:17:00,640 Speaker 6: if you wanted to go do something, I've seen videos, right. 381 00:17:00,640 --> 00:17:02,280 Speaker 6: You post some of these videos that are short formed 382 00:17:02,280 --> 00:17:05,040 Speaker 6: sometimes talking about your playing days or had a grip 383 00:17:05,040 --> 00:17:07,280 Speaker 6: a bad or the grip on a baseball or your 384 00:17:07,280 --> 00:17:10,439 Speaker 6: glove and things like that, and those always overperformed because 385 00:17:10,640 --> 00:17:12,359 Speaker 6: one you have the expertise to be able to talk 386 00:17:12,400 --> 00:17:14,359 Speaker 6: about it, but two people can tell that you really 387 00:17:14,359 --> 00:17:15,160 Speaker 6: care about that. 388 00:17:15,560 --> 00:17:17,400 Speaker 1: And for me, those are the things that perform really 389 00:17:17,400 --> 00:17:17,800 Speaker 1: well too. 390 00:17:18,320 --> 00:17:21,000 Speaker 2: Yeah, one of my favorite things Joe is some of 391 00:17:21,040 --> 00:17:23,240 Speaker 2: the stuff you've done about Formula one, which I really 392 00:17:23,320 --> 00:17:26,000 Speaker 2: am interested in. And I think one of the trickiest 393 00:17:26,040 --> 00:17:28,240 Speaker 2: things about that subject, and Alex and I have talked 394 00:17:28,280 --> 00:17:30,440 Speaker 2: about this a little bit, is you know, getting that 395 00:17:30,560 --> 00:17:33,240 Speaker 2: broader audience interested in it. Was that one that you 396 00:17:33,480 --> 00:17:36,199 Speaker 2: had a relationship with as a fan or was it 397 00:17:36,200 --> 00:17:38,680 Speaker 2: something that you just identified and wanted to figure out, 398 00:17:38,720 --> 00:17:40,879 Speaker 2: Like it's just an example that sort of springs to 399 00:17:41,000 --> 00:17:41,359 Speaker 2: my mind. 400 00:17:41,720 --> 00:17:44,199 Speaker 6: Yes, So I've watched Formula one for a while, but 401 00:17:44,240 --> 00:17:46,560 Speaker 6: the reason why I've gone so much more into it 402 00:17:46,600 --> 00:17:49,000 Speaker 6: is because my wife became much more interested in it, 403 00:17:49,040 --> 00:17:50,840 Speaker 6: and now it's become something that we can do together. 404 00:17:50,920 --> 00:17:52,840 Speaker 6: We talk about She actually finds a lot more information 405 00:17:52,880 --> 00:17:55,120 Speaker 6: about it than I do it first, which has become 406 00:17:55,160 --> 00:17:57,400 Speaker 6: really fun. But the thing about Formula one is that, 407 00:17:57,640 --> 00:17:59,800 Speaker 6: and actually just content in general, is if you read 408 00:17:59,840 --> 00:18:02,280 Speaker 6: the newsletter, there's one hundred and twenty five thousand subscribers 409 00:18:02,320 --> 00:18:04,880 Speaker 6: on the newsletter, and for sports business. 410 00:18:04,520 --> 00:18:07,440 Speaker 1: That's relatively large because. 411 00:18:07,040 --> 00:18:09,880 Speaker 6: Sports business is sort of such a niche topic, right, 412 00:18:10,320 --> 00:18:13,000 Speaker 6: And the reason I've been very thoughtful about that is 413 00:18:13,040 --> 00:18:15,360 Speaker 6: I want to cast a wide enough net to where 414 00:18:15,359 --> 00:18:17,440 Speaker 6: I can have subscribers all over the world. There's like 415 00:18:17,480 --> 00:18:19,320 Speaker 6: one hundred and eighty countries that are represented on the 416 00:18:19,320 --> 00:18:21,719 Speaker 6: newsletter today, right, So it's very wide net that has 417 00:18:21,720 --> 00:18:24,080 Speaker 6: been cast. But then you want to go deep enough 418 00:18:24,119 --> 00:18:27,160 Speaker 6: to a point where still the executives and commissioners from 419 00:18:27,160 --> 00:18:29,000 Speaker 6: all the major sports leagues in the US still care 420 00:18:29,000 --> 00:18:30,520 Speaker 6: about the work and are reading it. Right, So there's 421 00:18:30,560 --> 00:18:32,879 Speaker 6: a really big quality there, and that's why when you 422 00:18:32,960 --> 00:18:35,880 Speaker 6: read it, you'll understand that I don't ever go way 423 00:18:35,920 --> 00:18:37,680 Speaker 6: too deep down the rabbit hole and talk about terms 424 00:18:37,680 --> 00:18:40,080 Speaker 6: that people can't understand. It's breaking it down in the 425 00:18:40,119 --> 00:18:43,040 Speaker 6: simplest terms, in the shortest concise amount that you can. 426 00:18:43,320 --> 00:18:45,360 Speaker 6: And Former the Ones a great sport for that, because 427 00:18:45,520 --> 00:18:48,720 Speaker 6: while it's incredibly complex, you're essentially teasing it to an 428 00:18:48,840 --> 00:18:51,240 Speaker 6: entirely new audience here in the United States who hasn't 429 00:18:51,280 --> 00:18:53,440 Speaker 6: followed it. And now it's grown and there's a great 430 00:18:53,480 --> 00:18:56,119 Speaker 6: story there with Liberty Media and the numbers and everything. 431 00:18:55,840 --> 00:18:56,679 Speaker 1: Associated with that. 432 00:18:57,040 --> 00:18:58,840 Speaker 6: But you're explaining it and you're talking about it, and 433 00:18:58,880 --> 00:19:00,960 Speaker 6: you're associating it with the business that they know. 434 00:19:00,960 --> 00:19:02,040 Speaker 1: In liberty media here. 435 00:19:02,160 --> 00:19:04,280 Speaker 6: So form of the one has been a great additive 436 00:19:04,320 --> 00:19:06,679 Speaker 6: sport to everything that I've done over the years. But 437 00:19:06,720 --> 00:19:08,720 Speaker 6: again it goes back to everything that I said previously 438 00:19:08,760 --> 00:19:10,560 Speaker 6: about just a sport that I've watched and I've loved 439 00:19:10,560 --> 00:19:11,280 Speaker 6: over the years too. 440 00:19:11,760 --> 00:19:14,600 Speaker 2: You know, Alex and I we have a constant text 441 00:19:14,600 --> 00:19:16,840 Speaker 2: back and forth of like stuff we're looking at. You know, 442 00:19:16,920 --> 00:19:19,000 Speaker 2: we don't need you to give away any ip and 443 00:19:19,200 --> 00:19:21,399 Speaker 2: like future newsletters and things like that, but like, what 444 00:19:21,440 --> 00:19:23,600 Speaker 2: are you watching out there right now? Like, let's capturing 445 00:19:23,640 --> 00:19:25,200 Speaker 2: your attention at the moment. 446 00:19:25,560 --> 00:19:26,479 Speaker 1: I'm an open book. 447 00:19:26,600 --> 00:19:29,200 Speaker 6: I think specifically, if we talk about the US, there's 448 00:19:29,200 --> 00:19:31,720 Speaker 6: a few things. The NFL is really interesting to me 449 00:19:31,840 --> 00:19:33,680 Speaker 6: right now. I think at some point in the near future, 450 00:19:33,680 --> 00:19:35,720 Speaker 6: they're going to be approving the private equity funds to 451 00:19:35,760 --> 00:19:37,640 Speaker 6: come in and buy the minority stakes like we've seen 452 00:19:37,680 --> 00:19:39,840 Speaker 6: in the NBA and other leagues like that. I think 453 00:19:39,880 --> 00:19:41,560 Speaker 6: that's going to be incredibly helpful for a lot of 454 00:19:41,600 --> 00:19:43,280 Speaker 6: the owners who either want to take money off the 455 00:19:43,280 --> 00:19:45,280 Speaker 6: table or a lot of investors that just want to 456 00:19:45,320 --> 00:19:48,120 Speaker 6: put and park money in an asset that is known 457 00:19:48,160 --> 00:19:50,439 Speaker 6: to appreciate and is going to be ill liquid. And 458 00:19:50,800 --> 00:19:52,840 Speaker 6: obviously there's a lot of investment funds that are going 459 00:19:52,880 --> 00:19:55,040 Speaker 6: to be spun up and want to do that too, 460 00:19:55,119 --> 00:19:56,960 Speaker 6: So that's one thing with the NFL. And then I 461 00:19:57,000 --> 00:19:58,440 Speaker 6: think the NFL is going to be making a lot 462 00:19:58,480 --> 00:20:00,119 Speaker 6: more money in the future. If you think about the 463 00:20:00,240 --> 00:20:01,920 Speaker 6: NBA today, right they're going to go out and sign 464 00:20:01,920 --> 00:20:04,680 Speaker 6: these seventy five billion dollar media contracts. The NFL is 465 00:20:04,680 --> 00:20:06,639 Speaker 6: one hundred and ten billion dollar media contracts, but they 466 00:20:06,680 --> 00:20:09,040 Speaker 6: can opt out of those in the next five years. 467 00:20:09,200 --> 00:20:10,639 Speaker 1: I think they're probably going to do that. 468 00:20:10,680 --> 00:20:13,560 Speaker 6: Given what's happening in the media space today, their numbers 469 00:20:13,600 --> 00:20:16,399 Speaker 6: have appreciated a lot. The thing that is really interesting 470 00:20:16,440 --> 00:20:19,199 Speaker 6: about the NFL is that Roger Goodell has done a 471 00:20:19,240 --> 00:20:23,720 Speaker 6: really good job, I think of democratizing who gets the game. 472 00:20:23,800 --> 00:20:25,639 Speaker 6: So they brought in a bunch of different partners without 473 00:20:25,680 --> 00:20:28,080 Speaker 6: losing the ability to find those games. So he's kind 474 00:20:28,080 --> 00:20:31,159 Speaker 6: of balanced that line between broadcast, cable and streaming. But 475 00:20:31,240 --> 00:20:35,240 Speaker 6: more importantly, he's created a bunch of premium inventory of 476 00:20:35,280 --> 00:20:37,280 Speaker 6: these like one off games. So Christmas Day is the 477 00:20:37,280 --> 00:20:41,240 Speaker 6: most obvious example, but Black Friday, they have these international games. 478 00:20:41,280 --> 00:20:43,199 Speaker 6: Now the first week of the season, there's going to 479 00:20:43,200 --> 00:20:45,239 Speaker 6: be an international game. And what I think they're going 480 00:20:45,280 --> 00:20:46,640 Speaker 6: to do is they're going to go to the networks 481 00:20:46,680 --> 00:20:49,320 Speaker 6: and say, hey, not only is our numbers up and 482 00:20:49,359 --> 00:20:51,159 Speaker 6: we want to make more money, but now we have 483 00:20:51,200 --> 00:20:53,520 Speaker 6: all these individual games that we can sell as one 484 00:20:53,600 --> 00:20:56,640 Speaker 6: off instances too, And it wouldn't surprise me if they 485 00:20:56,640 --> 00:20:58,760 Speaker 6: make significantly more than the contracts they've made over the 486 00:20:58,840 --> 00:21:01,639 Speaker 6: last few years. On the NFL side, that's something that 487 00:21:01,720 --> 00:21:03,800 Speaker 6: I'm particularly interested in and I think is going to 488 00:21:03,800 --> 00:21:12,240 Speaker 6: be a big storyline over the next decade. 489 00:21:17,119 --> 00:21:19,240 Speaker 3: Jason and I were just talking before you jumped on 490 00:21:19,359 --> 00:21:22,119 Speaker 3: about baseball and some of the challenges and then some 491 00:21:22,160 --> 00:21:24,320 Speaker 3: of the great things they've done with the rules changed 492 00:21:24,320 --> 00:21:26,879 Speaker 3: and all the other things they've done. You've talked a 493 00:21:26,880 --> 00:21:29,240 Speaker 3: little bit about the NFL and what a powerhouse that is, 494 00:21:29,240 --> 00:21:31,480 Speaker 3: a little bit about the seventy five billion with the NBA. 495 00:21:32,040 --> 00:21:35,320 Speaker 3: If you were commissioner for one day, what are two 496 00:21:35,400 --> 00:21:38,000 Speaker 3: or three things you would do to make the game 497 00:21:38,040 --> 00:21:38,920 Speaker 3: more popular and. 498 00:21:38,920 --> 00:21:40,480 Speaker 1: Grow more in baseball? 499 00:21:40,640 --> 00:21:42,440 Speaker 4: Yes, baseball, So baseball. 500 00:21:42,520 --> 00:21:44,040 Speaker 6: I think a lot of fans are frustrated with the 501 00:21:44,040 --> 00:21:46,639 Speaker 6: blackout rules. You know, that's something that's a difficult challenge 502 00:21:46,640 --> 00:21:47,879 Speaker 6: and if it would have been easy, it would have 503 00:21:47,880 --> 00:21:49,720 Speaker 6: been solved a long time ago, so I think that's 504 00:21:49,720 --> 00:21:53,240 Speaker 6: something that continues to kind of fester with fans, but 505 00:21:53,320 --> 00:21:56,840 Speaker 6: I think the rule changes were overwhelmingly positive. Look, the 506 00:21:56,840 --> 00:21:59,040 Speaker 6: attention span of people has changed a lot over the 507 00:21:59,119 --> 00:22:01,639 Speaker 6: last couple of decades, and that's something that baseball has 508 00:22:01,680 --> 00:22:04,080 Speaker 6: to deal with because of the structure. 509 00:22:03,640 --> 00:22:04,119 Speaker 2: Of the game. 510 00:22:04,320 --> 00:22:05,920 Speaker 1: At the end of the day, though people love going 511 00:22:05,920 --> 00:22:06,680 Speaker 1: to baseball games. 512 00:22:06,720 --> 00:22:09,560 Speaker 6: The attendance numbers are fantastic, and I think the things 513 00:22:09,560 --> 00:22:11,680 Speaker 6: that are really going to improve that stuff over time 514 00:22:12,080 --> 00:22:14,439 Speaker 6: is just creating more narratives around the game. If you 515 00:22:14,480 --> 00:22:17,639 Speaker 6: think about what is most powerful today, it's storylines that 516 00:22:17,680 --> 00:22:20,160 Speaker 6: resonate with people online. So the NFL does a great 517 00:22:20,240 --> 00:22:22,879 Speaker 6: job showing the personality of players like Taylor Swift. 518 00:22:22,880 --> 00:22:23,040 Speaker 2: Thing. 519 00:22:23,320 --> 00:22:24,679 Speaker 6: You know, people got tired of it at the end 520 00:22:24,680 --> 00:22:26,360 Speaker 6: of the day, but the NFL pushed it so much 521 00:22:26,400 --> 00:22:28,440 Speaker 6: because they knew it was attracting people to the game. 522 00:22:28,720 --> 00:22:30,600 Speaker 6: And you can see the Super Bowl viewership numbers. The 523 00:22:30,680 --> 00:22:34,919 Speaker 6: numbers were up tremendously, specifically with women and younger women, 524 00:22:34,960 --> 00:22:38,359 Speaker 6: and that's very important for advertisers and sponsorship revenue. So 525 00:22:38,560 --> 00:22:40,760 Speaker 6: Major League Baseball can do a better job. I think 526 00:22:40,800 --> 00:22:42,919 Speaker 6: with some of that stuff of getting their stars in 527 00:22:42,920 --> 00:22:45,680 Speaker 6: front of people more. But it takes two to tanga right, 528 00:22:45,760 --> 00:22:48,800 Speaker 6: And the stars of today's baseball game need to want 529 00:22:48,840 --> 00:22:51,200 Speaker 6: to do that and want to build up their profiles. 530 00:22:51,480 --> 00:22:53,960 Speaker 6: And I think that's a position that Major League Baseball 531 00:22:53,960 --> 00:22:55,040 Speaker 6: can aspire to get to. 532 00:22:55,200 --> 00:22:57,359 Speaker 3: Yeah, Jason just went to the game with his family 533 00:22:57,440 --> 00:22:59,880 Speaker 3: on a couple days ago. He was texting me beautiful picture, 534 00:23:00,160 --> 00:23:03,359 Speaker 3: great seats. But one of the things quickly that I 535 00:23:03,440 --> 00:23:06,440 Speaker 3: believe is a low hanging fruit for Major League Baseball 536 00:23:06,560 --> 00:23:09,199 Speaker 3: is the word access. You talked about F one. You 537 00:23:09,240 --> 00:23:12,520 Speaker 3: see hard knocks in NFL inside the NBA, Like I 538 00:23:12,520 --> 00:23:15,040 Speaker 3: would have loved for Jason two and a half hour game. 539 00:23:15,080 --> 00:23:17,119 Speaker 3: He's on the train, but if he wanted to with 540 00:23:17,119 --> 00:23:19,800 Speaker 3: his family, see whatever Aaron Judge is doing for the 541 00:23:19,840 --> 00:23:21,840 Speaker 3: next hour after the game, whether that's going. 542 00:23:21,680 --> 00:23:23,760 Speaker 4: On the batty cage, ice in his knees. 543 00:23:24,119 --> 00:23:27,040 Speaker 3: Like, we need to open up the floodgates and take 544 00:23:27,080 --> 00:23:28,480 Speaker 3: a page from the other sports. 545 00:23:29,080 --> 00:23:30,240 Speaker 4: And the more access, the better. 546 00:23:30,280 --> 00:23:32,480 Speaker 3: And that's the one thing where baseball has the ultimate 547 00:23:32,680 --> 00:23:36,080 Speaker 3: competitive advantage because they have unlimited content and they can 548 00:23:36,119 --> 00:23:40,200 Speaker 3: be much better partners to partners in media by offering 549 00:23:40,240 --> 00:23:42,600 Speaker 3: all these you know, micing everyone and doing all the 550 00:23:42,640 --> 00:23:44,560 Speaker 3: things that you know we as fans. 551 00:23:44,400 --> 00:23:46,280 Speaker 2: Like, So why aren't they doing that, Alex. 552 00:23:46,440 --> 00:23:51,439 Speaker 3: There's still this embedded fight among owners and players, and 553 00:23:51,800 --> 00:23:54,280 Speaker 3: you wish that for the next century they should be 554 00:23:54,320 --> 00:23:57,920 Speaker 3: thinking about just grow the pie and owners would do better, 555 00:23:58,760 --> 00:24:01,000 Speaker 3: players would do better. And if you do that, bring 556 00:24:01,000 --> 00:24:02,760 Speaker 3: the glory days back to Major League Baseball. 557 00:24:03,280 --> 00:24:06,720 Speaker 2: Joe. That sort of builds on exactly or references zactly 558 00:24:06,760 --> 00:24:08,920 Speaker 2: what you were saying about the NBA. The NBA has 559 00:24:08,960 --> 00:24:12,760 Speaker 2: done that brilliantly, right in terms of like having the 560 00:24:13,200 --> 00:24:16,119 Speaker 2: owners and the league and the players really come together 561 00:24:16,840 --> 00:24:20,119 Speaker 2: around these common interests. I mean, there's a business proposition 562 00:24:20,160 --> 00:24:22,800 Speaker 2: there that is much cleaner and more successful in a 563 00:24:22,840 --> 00:24:23,320 Speaker 2: lot of ways. 564 00:24:23,520 --> 00:24:25,560 Speaker 6: I totally agree, and I actually think the reason why 565 00:24:25,600 --> 00:24:28,520 Speaker 6: Drive It Survive was so successful for Formula One, Right, Yeah, 566 00:24:28,560 --> 00:24:30,359 Speaker 6: if you think about what Formula one used to be 567 00:24:30,359 --> 00:24:32,840 Speaker 6: before Liberty Media bought them, there's this famous story of 568 00:24:33,080 --> 00:24:35,880 Speaker 6: they used to send ceasined assist letters to Lewis Hamilton 569 00:24:36,320 --> 00:24:39,080 Speaker 6: for posting pictures from the paddock. Right, He would take 570 00:24:39,119 --> 00:24:40,920 Speaker 6: a photo of himself or something in the paddock and 571 00:24:40,920 --> 00:24:42,640 Speaker 6: he would post it on Snapchat at the time because 572 00:24:42,680 --> 00:24:44,440 Speaker 6: that was what he was using, and he used to 573 00:24:44,480 --> 00:24:47,200 Speaker 6: get ceasined assist letters from the business side of things, 574 00:24:47,240 --> 00:24:49,159 Speaker 6: just saying, hey, you can't do this. Our TV holders, 575 00:24:49,280 --> 00:24:51,280 Speaker 6: rights holders are going to get mad that you're sharing 576 00:24:51,320 --> 00:24:53,919 Speaker 6: content that they own, right, And I think what Formula 577 00:24:53,960 --> 00:24:56,080 Speaker 6: one realized through Liberty Media was, no, we have to 578 00:24:56,080 --> 00:24:58,919 Speaker 6: build up the storylines and create stars out of these people. 579 00:24:59,240 --> 00:25:01,639 Speaker 6: And now these I mean even in the United States, 580 00:25:01,680 --> 00:25:05,000 Speaker 6: they can't go anywhere without being treated like movie stars, right, 581 00:25:05,000 --> 00:25:07,600 Speaker 6: they get swarmed because now people care about them. 582 00:25:07,680 --> 00:25:08,920 Speaker 1: And it's the same thing in the NBA. 583 00:25:09,000 --> 00:25:10,800 Speaker 6: And I think that's something that Major League Baseball, through 584 00:25:10,840 --> 00:25:12,600 Speaker 6: Alex's point, can strive to get to. 585 00:25:12,760 --> 00:25:15,359 Speaker 3: Yeah, and Jayson, just because I'm so passionate about this 586 00:25:15,520 --> 00:25:17,880 Speaker 3: that Joe's got me going a little bit here. But look, 587 00:25:17,960 --> 00:25:20,080 Speaker 3: I mean, I am an enormous fan of baseball, right 588 00:25:20,080 --> 00:25:22,520 Speaker 3: like the last thirty years has been my life. And 589 00:25:22,760 --> 00:25:26,639 Speaker 3: I challenge both of you to find four bigger stars 590 00:25:26,680 --> 00:25:30,280 Speaker 3: in any sport bigger than Otani, Judge, Sodo, and Mookie Bets. 591 00:25:30,720 --> 00:25:34,520 Speaker 3: But yet we know nothing about them. It's like Kurry 592 00:25:34,560 --> 00:25:36,600 Speaker 3: Grhant back in the fifties or sixties, like you know 593 00:25:36,640 --> 00:25:38,320 Speaker 3: the star, but you don't know anything about them. And 594 00:25:38,359 --> 00:25:40,720 Speaker 3: that used to be cool then, but today the fans 595 00:25:40,760 --> 00:25:43,480 Speaker 3: need more, they demand more. But unless we take the 596 00:25:43,480 --> 00:25:46,359 Speaker 3: helmet off and reveal who these players are, it's hard 597 00:25:46,359 --> 00:25:48,800 Speaker 3: for the consumer or for us to ask the consumer 598 00:25:49,040 --> 00:25:50,560 Speaker 3: to fall in love with these great players. 599 00:25:51,400 --> 00:25:53,320 Speaker 2: Joe, We're gonna move to the lightning round in one second. 600 00:25:53,320 --> 00:25:55,200 Speaker 2: But I got to ask you because Alex and I 601 00:25:55,280 --> 00:25:56,679 Speaker 2: talked about at the top of the show before you 602 00:25:56,760 --> 00:26:00,560 Speaker 2: came on. You know, steven A is negotiating his new deal. 603 00:26:01,000 --> 00:26:03,800 Speaker 2: You know the McAfee effect, like as someone who is 604 00:26:03,920 --> 00:26:07,439 Speaker 2: both in the media and deeply interested in sports and 605 00:26:07,760 --> 00:26:11,280 Speaker 2: deeply interested in that nexus of sports media. I mean 606 00:26:11,359 --> 00:26:13,800 Speaker 2: McAfee obviously has a different business model in terms of 607 00:26:13,840 --> 00:26:17,760 Speaker 2: licensing to ESPN. Steven A may end up doing that, 608 00:26:17,920 --> 00:26:20,040 Speaker 2: Like what's the endgame here in your estimation? 609 00:26:20,359 --> 00:26:20,520 Speaker 4: Yeah. 610 00:26:20,560 --> 00:26:22,560 Speaker 6: I actually wrote about this the other day and it 611 00:26:22,680 --> 00:26:25,159 Speaker 6: was kicked off by Jon Rannet. Pluck said that he 612 00:26:25,240 --> 00:26:27,520 Speaker 6: reported that steven A was asking for twenty five million 613 00:26:27,560 --> 00:26:29,399 Speaker 6: dollars a year on his new deal, and ESPN was 614 00:26:29,440 --> 00:26:31,560 Speaker 6: at eighteen at their initial offer, and kind of where 615 00:26:31,560 --> 00:26:34,480 Speaker 6: would that divide close And my opinion at the time, 616 00:26:34,520 --> 00:26:38,760 Speaker 6: which seems to be proven true now through pass reporting, 617 00:26:38,880 --> 00:26:40,840 Speaker 6: is that steven A is going to kind of structure 618 00:26:40,840 --> 00:26:42,320 Speaker 6: this deal in a more unique way than he has 619 00:26:42,359 --> 00:26:44,240 Speaker 6: in the past. Right, his production company does a lot 620 00:26:44,240 --> 00:26:46,320 Speaker 6: of work with First Take already. My guess is he 621 00:26:46,400 --> 00:26:48,359 Speaker 6: tries to spin it out like McAfee does with his 622 00:26:48,400 --> 00:26:51,240 Speaker 6: show and license that content back to ESPN. He gets 623 00:26:51,240 --> 00:26:53,359 Speaker 6: a little bit more profit by doing the production company 624 00:26:53,359 --> 00:26:55,880 Speaker 6: side of things too. He'll probably have some appearance fees 625 00:26:55,920 --> 00:26:58,760 Speaker 6: for other Disney stuff. The difficult part for me, right 626 00:26:58,800 --> 00:27:00,000 Speaker 6: is that steven. 627 00:26:59,720 --> 00:27:01,600 Speaker 1: A isn't tied to live rights. 628 00:27:02,000 --> 00:27:04,399 Speaker 6: So you can make a case that Joe Buck and 629 00:27:04,400 --> 00:27:07,400 Speaker 6: Troy Aikman what they're paid is fine, it's fair, it's 630 00:27:07,440 --> 00:27:10,480 Speaker 6: totally acceptable because of how much ESPN is investing in 631 00:27:10,480 --> 00:27:12,680 Speaker 6: Monday Night Football and the return that they're going to 632 00:27:12,720 --> 00:27:13,640 Speaker 6: get from advertisers. 633 00:27:13,680 --> 00:27:15,240 Speaker 1: I mean, their salaries are paid back in the. 634 00:27:15,160 --> 00:27:17,760 Speaker 6: First week or two through commercials alone, not even counting 635 00:27:17,760 --> 00:27:21,000 Speaker 6: affiliate fees or anything else, So that money totally makes sense. 636 00:27:21,240 --> 00:27:23,520 Speaker 6: The problem with stephen A is as we transition to 637 00:27:23,600 --> 00:27:26,720 Speaker 6: a world that is closer to streaming and less linear 638 00:27:26,760 --> 00:27:30,520 Speaker 6: and kind of broadcast television, that salary becomes harder to 639 00:27:31,040 --> 00:27:32,560 Speaker 6: justify because. 640 00:27:32,200 --> 00:27:33,440 Speaker 1: Of that lack of live rights. 641 00:27:33,440 --> 00:27:36,840 Speaker 6: Now, look his programming, he's a superstar, he's a celebrity 642 00:27:36,880 --> 00:27:38,920 Speaker 6: at this point. It's adjacent to that, and it certainly 643 00:27:38,960 --> 00:27:41,359 Speaker 6: points people towards everything. So I think he'll end up 644 00:27:41,359 --> 00:27:43,399 Speaker 6: getting a number that's over twenty million a year. It's 645 00:27:43,440 --> 00:27:45,119 Speaker 6: going to be a huge deal and he's going to 646 00:27:45,160 --> 00:27:47,280 Speaker 6: be happy with it. They're going to structure it like 647 00:27:47,320 --> 00:27:50,520 Speaker 6: a licensing deal similar to McAfee, similar to maybe what 648 00:27:50,680 --> 00:27:52,800 Speaker 6: Paidon Manning is doing with Omaha, and they're going to 649 00:27:52,840 --> 00:27:54,560 Speaker 6: find a way to pay him what he wants. One 650 00:27:54,560 --> 00:27:56,919 Speaker 6: of the things too with ESPN is they've made a 651 00:27:57,080 --> 00:28:00,640 Speaker 6: very concentrated effort as they transition to streaming to pay 652 00:28:00,720 --> 00:28:04,120 Speaker 6: up for premium products. Right So the College Football Playoff 653 00:28:04,240 --> 00:28:05,959 Speaker 6: was a good example of this. They came in over 654 00:28:06,040 --> 00:28:08,440 Speaker 6: the top, paid more than anyone else, and they wanted that. 655 00:28:08,640 --> 00:28:10,480 Speaker 6: They're doing this with a bunch of other properties, the 656 00:28:10,560 --> 00:28:12,800 Speaker 6: NBA of course, and other properties like that, because they 657 00:28:12,840 --> 00:28:15,399 Speaker 6: know that the premium property is are what everyone wants, 658 00:28:15,400 --> 00:28:16,719 Speaker 6: that's what people are going to tune into and that's 659 00:28:16,720 --> 00:28:18,880 Speaker 6: why people are going to sign up for the subscription services. 660 00:28:18,920 --> 00:28:20,919 Speaker 1: And I would put stephen A in that bucket. 661 00:28:20,920 --> 00:28:23,320 Speaker 6: Obviously he's not as important as the rights, but I 662 00:28:23,320 --> 00:28:25,919 Speaker 6: think from a personality standpoint, he's super important. 663 00:28:25,920 --> 00:28:27,160 Speaker 1: They'll find a way to get the deal done. 664 00:28:27,760 --> 00:28:30,240 Speaker 2: Yeah, I mean his ratings for First Take have delivered. 665 00:28:30,320 --> 00:28:33,960 Speaker 2: I mean in a world where everybody's viewership is going down, 666 00:28:34,000 --> 00:28:43,000 Speaker 2: his is going up, so clearly doing something right. Okay, 667 00:28:43,120 --> 00:28:45,840 Speaker 2: let's get to the rapid fire lightning round. We're going 668 00:28:45,880 --> 00:28:48,200 Speaker 2: to throw a bunch of stuff at you. Joe, keep 669 00:28:48,240 --> 00:28:51,440 Speaker 2: it tight. What's the best piece of advice you've received 670 00:28:51,440 --> 00:28:52,800 Speaker 2: on deal making or business? 671 00:28:53,320 --> 00:28:56,920 Speaker 6: Trust your gut and always bet on people rather than ideas. 672 00:28:57,600 --> 00:29:00,120 Speaker 4: Favorite doo you've covered in your newsletter this year. 673 00:29:00,080 --> 00:29:02,880 Speaker 6: Here, that's a good one. Let's go with Stevenett. I 674 00:29:02,920 --> 00:29:04,320 Speaker 6: think that's going to be a good storyline for the 675 00:29:04,320 --> 00:29:05,280 Speaker 6: next few months. 676 00:29:05,520 --> 00:29:07,320 Speaker 2: What's the best deal you've worked on. 677 00:29:08,520 --> 00:29:10,520 Speaker 1: I like being kind of involved on the ground floor 678 00:29:10,600 --> 00:29:11,240 Speaker 1: some of this stuff. 679 00:29:11,240 --> 00:29:14,080 Speaker 6: So I'm an investor in the PLL, the Premier Lacrosse League, 680 00:29:14,080 --> 00:29:15,880 Speaker 6: and I think that's a really interesting business because they're 681 00:29:15,920 --> 00:29:17,760 Speaker 6: essentially trying to create a new sports league from the 682 00:29:17,760 --> 00:29:19,920 Speaker 6: ground up, and that kind of stuff excites me. It 683 00:29:19,920 --> 00:29:21,680 Speaker 6: may not be as flashy as some of the other ones, 684 00:29:21,720 --> 00:29:23,800 Speaker 6: but it's certainly a fun project to be involved in. 685 00:29:24,080 --> 00:29:25,960 Speaker 2: We're gonna have Paul Rabel coming up with the deal 686 00:29:26,120 --> 00:29:27,880 Speaker 2: later this year. Let's go, Joe. 687 00:29:27,920 --> 00:29:30,200 Speaker 4: I was a jay Z guy for my walk off song. 688 00:29:30,240 --> 00:29:31,880 Speaker 3: I want to know what's your walk up song where 689 00:29:31,880 --> 00:29:34,440 Speaker 3: you're for a big meeting or for a big negotiation. 690 00:29:35,240 --> 00:29:37,000 Speaker 1: See you, guys will be surprised. I like country. 691 00:29:37,040 --> 00:29:39,880 Speaker 6: I grew up in North Carolina, So you play anything country, 692 00:29:39,880 --> 00:29:40,400 Speaker 6: I'll be there. 693 00:29:40,520 --> 00:29:44,400 Speaker 2: Ah, all right. Final question, what's the biggest business lesson 694 00:29:44,480 --> 00:29:45,080 Speaker 2: you've learned? 695 00:29:46,480 --> 00:29:47,520 Speaker 1: Always bet on yourself. 696 00:29:47,640 --> 00:29:49,360 Speaker 6: I think if there's anything that I've learned over the 697 00:29:49,440 --> 00:29:51,240 Speaker 6: years is that if you put in the work and 698 00:29:51,280 --> 00:29:52,840 Speaker 6: you bet on yourself, good things will happen. 699 00:29:53,760 --> 00:29:56,400 Speaker 2: Joe Pompliano he's the host of The Joe Pomp Show, 700 00:29:56,400 --> 00:29:59,760 Speaker 2: founder of Huddle Up, founding partner of Pomp Investments. So 701 00:30:00,000 --> 00:30:02,360 Speaker 2: it's fun to mix it up with you, really really 702 00:30:02,400 --> 00:30:06,000 Speaker 2: fun in looking forward as always to your next newsletter, 703 00:30:06,120 --> 00:30:08,960 Speaker 2: your next pod, your next tweet, and your next deal. 704 00:30:09,040 --> 00:30:10,440 Speaker 2: So thank you so much for joining us. 705 00:30:10,520 --> 00:30:12,040 Speaker 1: Thanks Guy, Thank you, Joe. 706 00:30:19,920 --> 00:30:22,880 Speaker 2: The Deal is hosted by Alex Rodriguez and me Jason Kelly. 707 00:30:23,280 --> 00:30:27,640 Speaker 2: This episode was made by Victor eveyas Stacey Wong, Annamazerakus, 708 00:30:27,680 --> 00:30:31,240 Speaker 2: and Lizzie phillip Arthy. Music was made by Blake Maples, 709 00:30:31,760 --> 00:30:35,200 Speaker 2: Brendan Francis. Neonham is our executive producer. Sage Fouman is 710 00:30:35,240 --> 00:30:39,720 Speaker 2: the head of Bloomberg Podcasts. Additional support from Kelly Lafarier, 711 00:30:40,160 --> 00:30:44,800 Speaker 2: Ashley Honig, Rachel Scaramzzino, and Elena Los Angeles. If you 712 00:30:44,840 --> 00:30:48,080 Speaker 2: have a minute, subscribe, rate and review our show. It'll 713 00:30:48,080 --> 00:30:51,360 Speaker 2: help other listeners find us. Thanks so much for listening, 714 00:30:51,640 --> 00:30:52,440 Speaker 2: See you next time.